Balance sheet of NCC is moderately strong.

The debt of NCC is decreasing.
Latest debt of NCC is -₹1,567.48 Crs as of Mar-25.
This is less than Mar-24 when it was -₹1,318.19 Crs.

Yes, profit is increasing.
The profit of NCC is ₹839 Crs for TTM, ₹820 Crs for Mar 2025 and ₹711 Crs for Mar 2024.

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
NCC latest dividend payout ratio is 16.85% and 3yr average dividend payout ratio is 19.65%

Companies resources are allocated to majorly unproductive assets like Short Term Loans & Advances